STATE ECONOMIC PROFILE
North Carolina Economic Overview
$637.6b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
2.3%
12
10,956,298
POPULATION
Growth Rate 2019-24
State Growth Rank
0.9%
14
1,046,316
BUSINESSES
Growth Rate 2019-24
State Growth Rank
3.4%
10
Overview of the North Carolina Economy
In 2024, the state of North Carolina has a population of 10,956,298, having grown an annualized 0.9% over the five years to 2024, which ranks it 14th out of all 50 US states by growth rate. North Carolina's gross state product (GSP) in 2024 reached $637.6b, with growth of 2.3% over the 5 years to 2024. Businesses in North Carolina employed a total of 5,005,450 people in 2024, with average annual employment growth over the past five years of 1.7%. The top three sectors by total employment are Manufacturing, Real Estate and Rental and Leasing, Professional, Scientific and Technical Services, while the unemployment rate across the state in 2024 was 3.7%.
What is North Carolina's Gross Domestic Product (GDP)?
In 2024, North Carolina's GDP reached $637.6b, representing an increase of 2.3% from 2023. North Carolina's GDP has grown at an annualized rate of 1.9% over the five years to 2024. Moreover, North Carolina's trailing five-year GDP growth ranks it 12th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in North Carolina's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
North Carolina Industry Trends
What are North Carolina's Largest Industries by Revenue?
The largest industries by revenue in North Carolina are Commercial Banking, Life Insurance & Annuities and Hospitals, which generated $70.3b, $54.9b and $45.6b in 2024.
STATE ECONOMIC PROFILE
Top Companies in North Carolina
Top 10 Companies Headquartered in North Carolina by Employment
The largest companies by employment in North Carolina are State of North Carolina, Walmart Inc. and Duke University, which employed 82,000, 61,563 and 43,100 people in 2024.
STATE ECONOMIC PROFILE
North Carolina Sector Statistics
In North Carolina, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is North Carolina's GDP by Sector?
The Manufacturing, Real Estate and Rental and Leasing and Professional, Scientific and Technical Services sectors contributed the most to North Carolina's GDP in 2024, representing a combined 39.5% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is North Carolina's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Manufacturing sectors contributed the most to employment in North Carolina in 2024, representing a combined 36.2% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
North Carolina Employment Trends
5.0m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
1.4%
35
3.7%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
-0.6%
18
What Employment Trends are Impacting North Carolina?
The state of North Carolina employs 5,005,450 people in 2024, which ranks it 9th out of all 50 US states. Employment in North Carolina has grown at an annualized rate of 1.4% over the five years to 2024, overperforming the national average of 1.2%. Major sectors by employment in North Carolina include Healthcare and Social Assistance, Retail Trade and Manufacturing, which employed 713,303, 634,209 and 465,287 people in 2024, respectively. North Carolina's unemployment rate is 3.7% in 2024, which ranks it 28th out of 50 states. North Carolina's unemployment rate has trended downwards at a rate of -0.6% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in North Carolina, and compare them to the US economy, using the chart below.
$89.1k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
6.2
24
What is North Carolina's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. North Carolina's DPI in 2024 was $89.1k, compared to the US average of $129.8k, which places it 24th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in North Carolina's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
North Carolina Construction & Building Trends
$17,308.8tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
11.2%
40
$24.6tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
13.0%
48
97,176
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
7.3%
47
What can construction trends tell you about a state’s economy?
In North Carolina, non-residential construction was $17,308.8tn in 2024, which ranks it 40th out of all US states. Residential construction was $24.6tn in 2024, which places North Carolina 48th in the United States. The number of building permits issued in North Carolina in 2024 was 97,176, representing a 7.3% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in North Carolina, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
North Carolina Population Statistics
Which Counties in North Carolina have the Largest Populations?
The counties with the highest populations in North Carolina are Wake County, Mecklenburg County and Guilford County, which had populations of 1,218,996, 1,177,202 and 552,373 people in 2024.
STATE ECONOMIC PROFILE
North Carolina Demographics
Education Level North Carolina
Race in North Carolina
North Carolina State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 649 North Carolina Industry Reports.
